Buying Jacksonville and Orange Park investment property may get tougher very soon if you plan on financing through a lender who sells to Fannie Mae. Mark December 1st in your calendar if this applies to you, and consider getting your mortgage commitments nailed down in the next six weeks if you can.
Due to market conditions, Fannie Mae, traditionally a prime source of funding, plans to start tacking on additional fees across the board for investor loans purchased after 1 December. Freddie Mac will do the same but its increases will take effect November 7th
To add insult to injury some large private mortgage insurers may altogether stop underwriting investor loans in effect cutting off financing support for low down, high leverage rental property deals and property location makes no difference.
The full range of investor will be affected from those with low down payments to those with substantial cash down payments. Starting December 1st, investor loan applicants ( loans backed by Fannie) with a down payment between 10 - 15% can expect to see an "adverse market fee" of 3.75 points...up from the current 2.5 points.
Applications where the investors put down 20-25% will still be looking at a 3 point add on. Even those 
planning on putting down 40% or more will still have to dig in their pockets for an extra 1.75 point add on.
If that's not bad enough, these new fees come after Fannie Mae put in place earlier, restrictions that limit investor applicants to no more than four rental properties, a variety of restrictions on condos, and you can forget about obtaining a mortgage in projects that are more than 49% investor owned.
The Federal Housing Administration recently announced a new rule change that involves folks converting their homes into rental properties. While not aimed at the "bona-fied" investor, this policy change disallows the consideration of rental income on applications where an owner of an existing home wants to purchase another property as a principle residence using FHA financing while renting out the first home
The FHA wants to avoid situations where homeowners factor rental income from a vacated property into their loan applications and then cannot come up with the rent money needed to support the vacated property, which could end up in foreclosure
Some key exceptions to the new policy....
Relocations required by an employer where the applicant can show that there's already a one-year lease on the vacated home, or where applicants have at least a 25 percent equity stake in the property they are leaving behind.
The real estate market in Jacksonville and Orange Park is just as crazy as anywhere... I guess! Although I really wouldn't know since I don't sell anywhere else other than Northeast Florida. Like anyone else I can only go by what's reported in the media. (Ahhh, the media! Don't get me started...that is a post for another time)
I read today, somewhere in the plethora of negative press ( is plethora a real word?) that 1 in 6 homeowners are in trouble. In searching properties for sale in my area it seems that every other house on the market is in some kind of trouble. But I have to wonder how many of these sellers are actually in trouble.
Could it be that many of the owners of these "pre-foreclosures" and short sales" are actually NOT in trouble. Could it be that many have decided to jump off of what they percieve as a sinking ship? Maybe they realize that they owe more than their home is worth and instead of riding it out, they decided to just STOP paying the mortgage. Let the chips fall where they may?
Even though I seem to be talking more and more to people who are in financial distress I can't help but wonder.
Just listed a fantastic home in the Fleming Island area. All brick, 2300 square feet, 2.5 beautiful acres with a heated in ground pool & hot tub, zoned for horses.....
Check it out at www.2546HorseShoeBend.info
I love living in Fleming Island, Florida! Real estate in this area still moves pretty well if priced in line with today's market. A desirable area for sure. Everything you want is here!
A Walmart Supercenter - where else can you buy motor oil, plants, clothes and groceries at the same time?
Home Depot - (my favorite) Although a Lowes strategically placed might generate some price wars.
Target - For the more upscale buyer......really now is this a French name?
Blockbuster - Does anyone rent movies this way anymore?
There's also a number of clothing stores, gas stations even a Radio Shack (can't you buy radios cheaper somewhere else). Best of all no matter what you're in the mood for there are many restaurants to choose from. How about the Blu Grotto and The Mellow Mushroom just to name a few that recently opened. While the "Mellow Mushroom" has some great pie, what kind of name is that for a pizza place?
The schools are good and close, and there are new shopping centers popping up all over! We also have a fantastic Clay County library, and some of the best fire and police personnel around. Not to mention if you know someone who lives in Eagle Harbor you just may get to visit the fabulous swim park and enjoy all the other amenities there.
One thing we do lack that I think is very important is a book store. (Isn't it clever that I'm in real estate and the books in the picture below are shaped like a house)
Why hasn't anyone thought of this yet? We have to go all the way to the Orange Park Mall's Books A Million and I don't know about you but I try and stay as far away from the mall as possible. That place is crazy, man! If you live in Green Cove Springs or Middleburg you really have a drive ahead of you. One thing I have noticed about that mall is that the majority of the people there.......aren't shopping. They like to just... hang out. Go figure! Anyway, if someone would invest in a good book store in Fleming Island I think they would do very well indeed. Come on Barnes & Noble! Get with the program Books A Million.....a stand alone book store would be an awesome addition to the area and just may keep me from crossing the Doctors Lake bridge. Well except Sunday mornings, and uh...work days. Well, we may have to work on that also.
Want to know what your Fleming Island Home is worth?
All homes all the time at www.MikeAndCindyJones.com
Jacksonville New Home Construction. Isn't it ironic? As long as I have been a Realtor in Northeast Florida, Blankety blank Homes( I'snt it nice of me to leave out the name) has never worked with Brokers. Now they are advertising to us (real estate agents) hard.....and now willing to co-op.
This builder is the only one in Northeast Florida that has refused to co-broke with agents in the past. Now the market has turned and they need us. It seems every fews days a flyer comes across my desk or an e-mail pops up in my inbox about what they have to offer. I love it!
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For ALL things Real Estate in Jacksonville, Orange Park, Mandarin and the Beaches call The Jones Group
visit our main page at www.MikeAndCindyJones.com
Mike Jones, AKA Jacksonville's Voice of Real Estate and former host of The Real Estate Today Show is a Jacksonville native and would like everyone, especially those from up north to know he has never experienced a full on hurricane. This seems to be a familair topic of discussion when he meets customers from out of state. Another topic folks are concerned with is alligators, kinda like squirrels in these parts.......hurricanes and alligators are synonymous with Florida and he doesn't worry much about hurricanes and advises not feeding the alligators. You'll be fine.
Born and raised in Jacksonville, Mike has enjoyed the Florida sunshine for all of his 40 plus years except for the 6 years he spent in the United States Navy. As any Aviation Ordnanceman, he's proud to be called an AO, Ord'y or Red Shirt. Once an AO...always an AO! He spent his first 4 years of service attached to VA-27, one of the last A-7 squadrons in the tropical paradise of Lemoore California (if you've ever been to Lemoore you'll know this is not the case). He also enjoyed life on the flight deck of the aircraft carrier USS Carl Vinson for 2 western Pacific cruises (West Pac) and anytime you want to sip on a cold one and swap Navy stories....he will gladly oblige.
Cindy Jones, the prettier of The Jones Group is a transplant from Nashville, Tennessee via St Petersburg, Florida and a few other places. She landed in Jacksonville soon after her 6 year hitch in the United States Army. A gun tote'n, scud missile dodg'in veteran of Desert Storm she is surely a force to be reckoned with, although you would never guess it by looking at her. She hates snakes, bugs and lizards...Florida provides plenty of these too! However she loves the warm sunshine and helping good people with their real estate needs.
Together they enjoy keeping fit, riding Mikes Harley Davidson Road King, making friends, spending time at the beach and helping people buy and sell Jacksonville and Orange Park Real estate.
While we spend most of our time in the residential resale market, we have a lot of experience with new construction, vacant land, commercial property and investment properties. We don't limit ourselves to a certain price range in any type of real estate. If a buyer or seller is serious and motivated about achieving their goals, we'll help them no matter the price.
Welcome to your one-stop source for real estate services covering the Jacksonville, Orange Park, and Mandarin areas. Real estate is one of the most exciting investments one can make, and it should be a fun and rewarding experience. Here you'll find everything you'll need to buy or sell a home, as well as learn about the market value of homes you may own in the area. It is our goal to provide you with superior service at all times, so please tell us more about you! Learn About Us.
Many homeowners today find themselves in the position of needing to sell even when the value in their home has dropped below what they owe on the mortgage. In this instance a short sale may be an option if you don't have the funds to cover the deficiency.
Welcome to your Jacksonville Real estate resource. Search the Jacksonville MLS for listings, homes for sale, vacant land and luxury homes in Jacksonville and homes for sale in Orange Park, Florida. You can also search for homes for sale in Atlantic Beach, Jacksonville Beach, Ponte Vedra Beach, Neptune Beach, Nocatee, Orange Park, Ponte Vedra, Southside, Mandarin, Oakleaf Plantation, Green Cove Springs, Middleburg, Fleming Island, Eagle Harbor, Eagle Landing and Arlington areas. We can also help you with Clay County homes and land for sale, St. Johns County homes and land for sale, and Duval County homes and land for sale. Relocating? Relocating to Jacksonville? We can help make the experience much more pleasant.
Whether you are a first time home buyer, moving up, downsizing or seasoned investor, or if you are looking to sell your Jacksonville or Orange Park home, we are here to help. We can help you with new homes, re-sale, residential homes, vacant land, commercial properties, luxury homes, ocean front homes, waterfront homes, golf course homes, farms, acreage. Pre-qualify for your mortgage online. FREE mortgage application.
What are homes selling for in your area?
Looking for Foreclosures in Jacksonville or Orange Park? Send us a list of your requirements such as price range, bedrooms, baths, location etc and we'll send them to you. E mail your requirements to MikeSellJacksonville@live.com
Kim Glover- our first video testimonial
Click here: Hawks Haven
Rick & Deniece Woodson -
Mike was knowledgeable, friendly and professional making the experience enjoyable instead of stressful. Mike knew we were first time home buyers and he was honest, helpful and didn't push us in any way.
Ann Marie Williamson -
Cindy was extremely helpful, polite and courteous. She was always there when we needed her and had answers for everything!
Cate Vreeland -
Cindy Jones is fantastic! I hope all Realtors are as patient, kind, humorous, helpful and efficient as Cindy....she ROCKS!
The Gruenemeiers -
Mike & Cindy are very personable, experienced and wonderful to deal with. They have considerable knowledge and are aware of many different ways to get you into a home.
Rob & Margarita Coyle -
Mike provided 110% customer satisfaction! An excellent Realtor I recommend for Realtor of the year..He's very efficient! Sold our house in the morning...closed on our new one in the afternoon without a hitch.
Diann Samuel -
Cindy was always readily available to answer all my questions. Most of all I felt very comfortable with the way she handled things!
Mr. & Mrs. George Waggoner -
Mike is a true professional who goes above and beyond. All agents should follow Mike Jones' lead!
Mr. & Mrs. Larry Zabel -
Mike is an excellent guy and Cindy is wonderful! They have a lot of patience and are willing to help with everything. If I every need to sell or buy....I'm calling Mike & Cindy!
Dustin & Angie Crawford -
Thankfully we found Mike Jones..he went above and beyond what it took to make us happy. Not only is Mike a good Realtor, he is a wonderful person too...Mike Jones should serve everyone in Jacksonville!
Mr. & Mrs. John Arms -
Mike does his job very well and follows up with every detail. His professionalism and integrity are second to none!
Phillip and Caroland Williford -
Mike was very professional, friendly and always aware of what we were looking for as his clients. We received very good service from Mike Jones and you should have more people like hime working for your company.
Paul Fisher -
Mike and Cindy worked very hard to get our home SOLD! They also promptly answered all my questions and did everything they promised and more.
Abe Sharqawi -
Mike kept his word and returned calls on time. Very important attributes I look for in people.
Mr. & Mrs. Charles Kananszka -
Mike was friendly, followed through and provided our home with excellent exposure. He did everything he said he would and worked hard for us to sell our home!
Rafael & Rosa Delatorre -
Mike Jones is very professional and honest. He was always in contact with us from contract to closing keeping us thoroughly informed. We highly recommend Mike to all our friends!
Scott & Michelle Logan -
Mike is professional, courteous and does exactly what he says he is going to do. When the time comes for us to buy or sell our next home we will surely use him. His company should be very thankful that he is a person with such integrity & enthusiasm!
Peggy Longuil -
Mike and Cindy are bith very efficient. They know their job and do it very well!
Frank & Ruth Hamwey -
Mike sold our home, our cousins home next door and sold them both in record time. In my opinion....there are no other agents in Jacksonville!
Paul & Arlena Grubs -
We are very satisfied with Mike & Cindy. They were always polite and available to answer my calls and questions. We will continue to recommend tehm. They do a great job!
James & Lynn Hughes -
What else can we say......excellent, excellent, excellent!
Joe & Heather Selvaggio -
Mike and Cindy were great to work with! They found us the perfect house in just a couple of days!
Hank & Irene Yacek -
Mike was sincere polite and accomodating with no pressure. i liked that he always returned my calls.
Mr. & Mrs. Richard Phipps -
Mike and Cindy did a wonderful job. Very efficient, courteous and the best Realtors we've ever encountered!
Bill & Rose Lorenzen -
We are extremely satisfied! They got the job done, they were honest, thourough, understood our situation, helpful and responsive. The only suggestion we have to improve the service of your company is to "Clone Mike & Cindy Jones"!!
Francis & Irene Matuszek -
Mike Jones answered al my questions in a pleasant and knowledgeable manner. He was informative, efficient and responsive to our every need in this endeavor! You're doing great with Mike Jones!
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